(AOF) – Altarea announces an “excellent performance of the Commerce property company” with retailer turnover up 7.0%, attendance up 3% in net rents to 204.8 million euros ( +6.0% at constant scope) and an occupancy rate of 97.3%. These results come in a context of “a sharp reduction in housing commitments, with a “drastic reduction” of 59% in land acquisitions. The objective is an increasing FFO (net result) for 2024, with a horizon of 4 years exceeding the high point of the previous cycle.
Altarea shows an “assumed” drop in FFO in 2023 to 101.2 million euros (compared to 275.4 million euros in 2022).
“The real estate crisis triggered by the rise in interest rates in 2022 marks the end of a cycle which lasted nearly 15 years,” underlines CEO Alain Taravella.
“Altarea will devote the year 2024 to restoring the profitability of the Development which will benefit from a redesigned residential offer and adjusted values”, while “the contribution of the new professions should remain marginal” and that “the group’s results will still be mainly carried by the Commerce real estate company.
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